Home > NewsCom

NewsCom

BMI Bank, Al Salam Bank agree in principle on merger

24 May 2013 17:55 BMI Bank , the Bahrain based associate of Bank Muscat , has announced that they have agreed in principle in favour of a merger with Al Salam Bank, an Islamic Bank incorporated in Bahrain. The completion of the transaction, including final share-sw...

Takaful Malaysia sets 15pc no claim rebate

24 May 2013 17:52 Syarikat Takaful Malaysia Bhd will offer an additional 15 per cent no claim rebate to all its participants in the general and selected family takaful products. Moreover, the company will increase its value added service delivery amidst tougher com...

IMF says Bahrain's growing debt may be unsustainable by 2018

24 May 2013 18:15 According to the International Monetary Fund, Bahrain must urgently cut spending or risk unsustainable public debt as its fiscal deficit widens and oil prices decline. The smallest Gulf crude producer needs gradual fiscal consolidation equal to 7....

Dubai Islamic Bank ratings affirmed by Moody's

24 May 2013 18:10 Dubai Islamic Bank Group (DIB) today announced that its Long Term Issuer ratings have been affirmed by Moody’s at Baa1 and the outlook has been moved to “Stable”. The confirmation of DIB’s ratings reflects the recent capital injection and the expe...

Survey of Corporate Professionals Identifies Motivations and Benefits of Sustainability Reporting

24 May 2013 18:07 The Boston College Center for Corporate Citizenship and Ernst & Young LLP have released a report – Value of Sustainability Reporting – that offers insights on the benefits of sustainability reporting, assuring sustainability reports, and the r...

Barwa Bank employee breaks Guinness record

24 May 2013 18:00 Qatar resident Ziyad Rahim, head of market risk at Barwa Bank, recently broke a Guinness World Record by completing the Marathon Grand Slam in just 41 days. In the process, he set the fastest time to complete a marathon on each continent and the N...

Dar Al Arkan $450m sukuk shakes off market blues

24 May 2013 18:19 Dar Al Arkan's $450m 5.75% five year sukuk bucked the recent trend by performing well in the secondary market after pricing on Tuesday. The paper traded up to 100.75 bid on Wednesday, having been priced at 99.47. And despite the general market sel...

Head of steam for Mid East bonds and sukuk

24 May 2013 18:22 This week saw a big surge of MENA bond and sukuk activity, with four dollar deals coming to market and two other issuers lining up roadshows. The wave breaks the recent regional lull and points to a further flurry in the coming weeks as borrowers...

Islamic Development Bank Triples Authorised Capital to US $150 Billion

23 May 2013 17:01 The Islamic Development Bank's Board of Governors (BoG) has approved to more than triple the Bank's authorized capital to 100 billion Islamic Dinars (about US$150 billion) from 30 billion. The BoG also increased the Bank's subscribed capital from...

Takaful: TIA to expand operations in East Africa

23 May 2013 16:56 Kenya's only Shariah-compliant insurer Takaful Insurance of Africa Ltd (TIA) plans to expand its operations into five East African nations, according to its Chief Executive Officer Hassan Bashir. Under TIA’s five-year plan it will expand into Ethi...

Eligibility of GoP Ijara Sukuk in Musharaka Pool

23 May 2013 17:22 State Bank of Pakistan (SBP) has notified that now un-encumbered Government of Pakistan Ijara Sukuk may be included in the Musharaka Pool (MP), created under the Islamic Export Refinance Scheme (IERS). This inclusion will be subject to the several...

New bank to open in Gaza Strip

23 May 2013 17:17 A new bank is set to be inaugurated in the Gaza Strip next week, although it has not yet received the necessary licence from the Ramallah-based Palestinian Monetary Authority (PMA). The Al-Intaj bank has a capital of $20m and a board of directors...

ICIEC supports investments and exports in its member countries by more than USD 3 Billion in 2012

23 May 2013 17:13 The Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of Islamic Development Bank (IDB) Group, approved in its 20th Annual Meeting the Annual Report and the Financial Results for 1433H...

IDB suspends Syrian membership, Syrian National Coalition received invitation for meeting in Amman

23 May 2013 17:06 The opposition Syrian National Coalition has received a last-minute invitation to Wednesday’s Friends of Syria meeting in Amman, which acting chief George Sabra will attend. The meeting is expected to focus on efforts spearheaded by the United Sta...

Ex-Merrill Lynch big hitter Crocker leaves Abu Dhabi Islamic Bank

23 May 2013 17:39 Stuart Crocker, global head of private banking and wealth management at Abu Dhabi Islamic Bank and Merrill Lynch veteran, has left the bank. Regional private banks were supposed to be making a challenge to the dominance of big international player...

Crowell & Moring Cairo advises ADIB-Egypt on Islamic finance deal

23 May 2013 17:34 Crowell & Moring's Cairo office has advised the Abu Dhabi Islamic Bank-Egypt in connection with an Islamic finance facility extended to Maridive and Oil Services SAE. Abu Dhabi Islamic Bank- Egypt was the Initial Mandated Lead Arranger and the...

GI-TH roll out RM150m Shariah-compliant fund

23 May 2013 17:30 Guidance Investments (GI) has launched a RM150 million Shariah-compliant investment fund for equipment leasing for the Saudi Arabian market in partnership with Lembaga Tabung Haji (TH). This Tabung Haji acted as the capital provider, while the US-...

SBP issues guidelines for Islamic bonds

23 May 2013 17:25 The State Bank of Pakistan (SBP) has issued a circular to all Islamic banking institutions about the Islamic Export Refinance Scheme (IERS) and eligibility of Ijara Sukuk, Islamic bonds to be included in the Musharaka pool. Every Islamic bank is o...

Turkey seeks to benefit from Islamic banking sector

23 May 2013 17:43 The Turkish government has announced it will be seeking to tap into the $1 trillion Islamic financial industry. Stronger Islamic banks would enable Turkey to attract more cash from the Gulf and Asia, where the appetite for Sharia-compliant product...

Gulf pension funds ramp up assets amid Arab Spring

23 May 2013 17:47 State pension funds in the Gulf are sharply increasing their investments in new assets on the back of the Arab Spring and demographic shifts, according to Invesco’s Middle East Asset Management Study. Regional state pension funds were forecast to...

Agenda

List of the events held over the years in different jurisdictions across the globe, and chaired or attended by Alberto Brugnoni an at a later stage by Antea Brugnoni. The programmes attached represent a precious source of information on the players, stakeholders and development of Islamic finance worldwide

The Department of the Treasury Lifts Sanctions Against Iraq-based Financial Institution

21 May 2013 17:52 The Department of the Treasury has lifted sanctions against the Elaf Islamic Bank in Iraq following the bank’s significant and demonstrated change in behavior. On July 31, 2012 the Treasury Department imposed sanctions under the Comprehensive Iran...

Bank Islam still looking for Indonesia potentials

21 May 2013 17:47 The listed vehicle for Bank Islam Malaysia, BIMB Holdings is looking at several options to expand through overseas penetration and local expansion. According to Bank Islam Malaysia managing director Datuk Zukri Samat, the bank is still pursuing pl...

Dubai Public Prosecution to adopt My Savings initiative

21 May 2013 17:42 'My Savings' is a new initiative announced by the Government of Dubai in collaboration with National Bonds Corporation. During the introductory session on the goals and mechanism of the initiative, National Bonds elaborated on the benefits and adv...

10th IFSB Summit discusses global financial crisis

21 May 2013 17:35 During the 10th Islamic Financial Services Board (IFSB) Summit key leaders discussed the industry’s developments following the global financial crisis as well as regulatory reforms, cross-sectoral approach to the regulation of Islamic finance, and...

Allianz still keen on takaful business but ‘in no rush’

21 May 2013 17:26 German insurer Allianz Malaysia is still keen on takaful business but is in no rush to get a licence, according to its CEO Jens Reisch. The Bursa Malaysia-listed company is involved in both general and life businesses, but unlike most other insure...

Arcapita Fights $70 Million Claim as Plan Confirmation Nears

21 May 2013 19:34 Last week, Arcapita took on Tide Natural Gas Storage LP's contention that Arcapita's bankruptcy plan shouldn't be approved by a judge because of $70 million it says it is owed.The $70 million lies in an escrow account and stems from Tide's 2010 pu...

Saudi's Dar Al Arkan tightens guidance on planned sukuk

21 May 2013 19:27 Saudi developer Dar Al Arkan has lowered price guidance on its planned Islamic bond issue. The company, which is planning to raise at least $300 million from a five-year Islamic bond, revised its guidance lower to around 6 percent from initial yie...

Muslim Immigration Fueling “Islamic Banking” in Canada

21 May 2013 19:25 The majority of Muslim-Canadians strive to lead productive lives and contribute positively to their country. The rising profile of the “Islamic banking” industry is one of these ways. However, Islamic financial instruments are often very similar t...

London firm launches Islamic insurance platform

21 May 2013 19:19 London-based firm Cobalt has developed a sharia-compliant insurance platform that uses a syndication model to help spread risk across a panel of underwriters. Cobalt allows multiple insurers to pool their capacity and each can subscribe to the des...

83% of Middle East family businesses have seen sales grow in the past year, reveals PwC survey

21 May 2013 19:55 Family businesses in the Middle East have performed well over the last year, with 83 %, reporting growth in sales in the past year, according to a Family Business Survey conducted by PwC. 23% of the family businesses in the region said that they a...

CSR in Saudi Arabia: Far behind or another path?

21 May 2013 19:51 In the Middle East CSR is largely characterised by a charity mindset, easily regarded as archaic by outsiders. However, the region’s CSR focus on charity is explained by the general perception that CSR is a corporate form of Zakat, one of Islam’s...

Thomson Reuters Launch Islamic Finance Indicator With The Islamic Corporation For The Development Of The Private Sector

21 May 2013 19:42 Thomson Reuters has launched an Islamic Finance Development Indicator in collaboration with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IDB). The indi...

Islamic Microfinance research study initiated in Yemen

21 May 2013 19:38 AlHuda Center of Islamic banking and economics (CIBE) Initiated a Islamic Microfinance research study for Yemen Microfinance Network (YMN) in Yemen. This study will be conducted in Yemen's capital Sana'a including Taiz, Adan and Almoukla, so that...

Islamic finance needs global sharia board - IDB president

21 May 2013 19:59 The Islamic Development Bank (IDB) has called for the creation of a global sharia advisory board that can offer greater uniformity for the Islamic finance industry. A centralised format to the supervision of sharia-compliant banking products is ga...

Indonesian Government to Establish New Shariah Bank

21 May 2013 20:03 The Indonesian government is planning to establish a Shariah-compliant bank in order to manage Rp 40 trillion ($4 billion) worth of Indonesian hajj funds. State-Owned Enterprises Minister Dahlan Iskan said the establishment of the bank will suppor...

Moody's downgrades Kuwait Finance House long term ratings to A1, outlook negative

17 May 2013 16:51 Moody's Investors Service has downgraded Kuwait Finance House's (KFH) long term ratings by one notch to A1 from Aa3. Moody's also downgraded KFH's baseline credit assessment (BCA) and bank financial strength rating (BFSR) by two notches to ba1/D+...

IDB hopes for closer ties with IFSB

17 May 2013 16:58 Islamic Development Bank (IDB) president Dr Ahmad Mohamed Ali Al Madani suggested four key areas for the Islamic Financial Services Board (IFSB) to focus on durich his keynote address at the 10th IFSB Summit in Kuala Lumpur. These include the crea...

Can Dubai Become The World’s Leading Islamic Business Hub?

16 May 2013 17:12 Dubai recently announced that its latest aspiration was to become the leading Islamic business hub in the world. Under the umbrella of Islamic finance, the emirate is hoping to provide the best facilities for Islamic finance instruments, Islamic i...

Treasury Sanctions UAE-Based Evaders

16 May 2013 17:37 The U.S. Treasury Department has placed sanctions on Al Hilal Exchange and Al Fida International General Trading, both based in Dubai. The two institutions were targeted for their role in providing financial services to Bank Mellat, which is itsel...

The richest nation on earth

16 May 2013 17:32 Qatar is striving to raise its credit rating to ‘AAA’, two levels higher than its current rating of 'AA' with a stable outlook. The country’s economic growth accelerated to an average 13% during the period from 2008 to 2012. Such favourable intern...

Goldman Bests Fortress In Arcapita Bank Loan Battle

16 May 2013 17:28 Goldman Sachs International on Wednesday outbid Fortress Investment Group LLC to provide exit financing to Arcapita Bank BSC worth up to $350 million, money that will allow the Bahraini bank to meet outstanding obligations and work its way out of...

Tamkeen, Family Bank launch 'Mantoojati' initiative

16 May 2013 17:25 Tamkeen and Family Bank announced the launch of 'Mantoojati', a joint initiative aimed at enhancing the growth and sustainability of productive families in Bahrain. Through "Mantoojati", the beneficiaries will receive support to set up k...

Al Baraka Banking Group net income up 15 per cent to $66 million in Q1

16 May 2013 17:21 Bahrain-based Al Baraka Banking Group (ABG) announced net income increased by 15 per cent to $66 million, and total operating income by 16 per cent to $233 million in the first quarter of 2013 compared to the same period of 2012. Total assets incr...

Bank to raise $200m with sukuk

16 May 2013 17:52 Al Baraka Islamic Bank is raising $200 million through trust certificates in a Sukuk Al Wakala issue which will mature in 2015. The 18-month sukuk is aimed at raising cash to help increase the bank's exposure to Sharia-compliant trade finance. The...

Indonesia Megabank Advances 20% Share Outlook: Islamic Finance

16 May 2013 17:49 Indonesia’s proposed Shariah megabank would improve industry awareness, lower costs and help the bank compete to win plantation, mining and infrastructure business. Combining the Islamic units of the government-held lenders is the most feasible of...

Bahrain's banking sector is 'in good health', says IMF, but needs capital

16 May 2013 17:43 The International Monetary Fund’s (IMF) latest review of Bahrain points out that the size of the financial sector remains a key structural vulnerability of the banking sector. Stress tests indicate that the large wholesale segment is resilient to...

Kuwaiti ambassador praises Kuwaiti-Qatar coordination to organize waqf forum

16 May 2013 17:39 Kuwaiti Ambassador to Qatar Ali Salman Al-Haifi praised Kuwaiti-Qatar coordination, namely setting up the sixth waqf forum. The forum which concluded on Tuesday reflected keenness of the two countries on maintaining the Islamic endowment, which is...

Can Islamic Microfinance spur Inclusive Prosperity?

16 May 2013 18:02 Ensuring the provision of financial services to the poor can address the challenge of poverty alleviation. A large portion of the poor population, however, is excluded from formal financial services. Although access to Islamic microfinance is crit...

US$ 230.5 Million & EUR 115.3 Million Syndicated Dual Currency Murabaha Financing Facility

15 May 2013 17:24 The successful closure and signing of a US$ 230,500,000 and EUR 115,300,000 Syndicated Dual-Currency Murabaha Financing Facility for Asya Kat?l?m Bankas? A.?. (Bank Asya) was announced by its Initial Mandated Lead Arrangers and its Bookrunners. Th...

Next » 1 2 3 4 5 6 7 ...89